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Accounts Receivable Factoring for Service Firms
Services Firms gain a competitive edge with Accounts Receivable Factoring.
Our Factoring services are tailor-made to fit the cash flow needs of both start-up and more established companies.
Service Companies stand to benefit a great deal by factoring their accounts receivable. Companies that are providing a service to other commercial businesses can seldom offer tangible assets to pledge against a traditional bank loan. This is why many service businesses are turned down for a loan or are approved with limited funds for working capital.
- Factoring invoices means quick cash: Consulting companies would be able to receive cash for their invoices right away, instead of waiting 30 to 60 days for an invoice to pay. The invoice factoring process allows businesses to receive funds in as little as 24 hours.
- Invoice Factoring means no need for a bank loan: Many companies rely on loans from banks to get the financing they need. Few consulting companies qualify for the financing they need for growth. However, invoice factoring is available even to businesses with poor credit histories or those that have only been in existence for only a short amount of time.
- Factoring invoices means support services: Charter Capital will collect on the invoices via letter or a phone call if necessary. We will then return the balance to the company we purchased the invoices from, minus a small fee.
Why do Service Companies benefit by factoring their accounts receivable with Charter Capital?
The use of factoring allows you to extend generous payment terms to your customers and still obtain cash to accelerate growth and profits — all without having to take out a loan.
Factoring from Charter Capital allows you to get cash to:
- Add more employees
- Pay outstanding debt or tax obligations
- Beef-up sales efforts
- Finance acquisitions of other consulting firms
- To meet operating cash obligations like payroll
A dedicated Account Executive and the use of our back-office support for collections and mailing out your invoices sometimes offsets the factoring fees or decreases internal overhead and related costs. We are seasoned professionals with decades of industry experience.
Is factoring the answer?
We Understand Your Cash Flow Issues
Invoice Factoring from Charter Capital can provide the financing for your business needs, grab new opportunities, invest in marketing, meet payroll demands, or simply meet other expenses.
With factoring, you concentrate on what you do best: sales, customer service and growth, and we focus on what we do best – assuring your steady cash flow for your financial success.